high value mortgages

london0207

Hello I was hoping some of the brokers might know the names of lenders who specialise in high value properties.

Looking to buy a property for £1.7 million, have £900000 deposit, looking at a mortgage term of 15 years maximum though it needs to be flexible as I will probably pay it off in lump sums over 3 years.

feisty1

I am sure if you make an appointment with an adviser they will be pleased to assist you.............

herbiesjp

Plenty lenders offer high mortgage loans as long as your income can support such a loan.

Looking for one with the flexibility you need, may lower the amount of deals available, but you should still be able to find something

Wutang_2

london0207 wrote: »

Hello I was hoping some of the brokers might know the names of lenders who specialise in high value properties.

Looking to buy a property for £1.7 million, have £900000 deposit, looking at a mortgage term of 15 years maximum though it needs to be flexible as I will probably pay it off in lump sums over 3 years.

Most lenders - via any broker

Tom_Kelly

There are specialist departments of some lenders who look at more than just income multipliers for this type of deal. A good mortgage adviser who has come across this before will be able to help. A national broker (there are a few if you search google) or a London city broker is most likely to have experience of this.

london0207

I've spoken to one broker so far and his best offer was 3.19% fixed for 26 months, though £16k arrangement fees.

Income multiple should not be a problem it's less than x3 base salary and with bonus included it's not even x1.

feisty1

low rate higher arrangements fees and vice versa

herbiesjp

feisty1 wrote: »

low rate higher arrangements fees and vice versa

Exactly

You could look at a slightly higher rate, with lower fees, that could be more competive for you over the same period

Alternatively you may want to consider an offset or flexible mortgage - so you can plough money in whenever you want

The 3.19% deal does not allow you to pump any huge amounts of money into the mortgage - from the way you post it sounds like you want more than a 10% limit if you want to clear the mortgage asap

koexelek

Main problem will be that a lot of lenders have temporarily capped their lending limit at £500,000

Conrad

I'm sure it's not anything to concern you, but be aware both the lender and thier Solicitors will want an audit trail for the deposit and those lump sum over payments, what with all the money laundering legislation.

Forewarned is forearmed.
We had a Diplomat from West Africa that various lenders had declined because he had no audit trail for the dosh, it had just arrived in large lumps in his Bank, and also the Solicitors wouldnt sign it off. He got it through HSBC in the end, after much money had changed hands I understand

london0207

Thanks for the advice I've spoken to a couple of lenders myself and they do seem to have limits in place. I would usually use my own bank but I've don't like the new relatinship manager they've appointed.

The audit trail is no problem I work for a hedge fund it's all legal and above board.